One of the most cyclical housing markets in America is flashing a massive warning. That market is Las Vegas. When Vegas goes down, the rest of the U.S. housing market often follows. Right now, buyer demand in Vegas is at its lowest level in 13 years. This collapse in demand is starting to slow home values. Why? Because Vegas became far too expensive. Prices surged 50–60% during the pandemic. Then mortgage rates shot up. Now demand has crashed, and the local economy is slowing. Even tourism is do